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the government says growth will return next year. others say the government has missed an opportunity to reduce state spending and make it easier to hire and fire workers. today's budget hearing reflects a deeper unresolved problem with the eurozone. as we have seen, other countries like spain and greece have been struggling to reduce spending even while their economies are weak or in recession. >> and other things europeans might envy in brazil, they have so much money in the government that response to the slowdown is a stimulus package that has been announced. in other news, ahead of britain posting a financial watchdog has announced a reform to the setting of libor, the benchmark interest rate. the review was commissioned after a fine was imposed on barclays for trying to rig the rate. now to nepal where a plane has crashed killing all 19 people on board. the aircraft caught fire within two minutes before taking off. it is the second fatal accident this year and once again the country's safety record is in the spotlight. >> a jou
the government says growth will return next year. others say the government has missed an opportunity to reduce state spending and make it easier to hire and fire workers. today's budget hearing reflects a deeper unresolved problem with the eurozone. as we have seen, other countries like spain and greece have been struggling to reduce spending even while their economies are weak or in recession. >> and other things europeans might envy in brazil, they have so much money in the government...
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Sep 27, 2012
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and governance. it's the political system that often has not supplied the needed governance. >> rose: you believe that your proudest accomplishment is that "italy is no longer risking igniting a debt crisis." >> this, obviously, would not have been the case last november when we came in, and i think it's pretty important for italy, of course, but, also, for the whole of the euro zone, the whole of europe, and the global economy that a country which is the third largest country in the-- the third largest economy in the euro zone has not added the weight to the series of local fires that have been happening. i believe that, also, the huge interest shown, for example, from this side of the atlantic, vis-a-vis italian developments can only be explained because of the risk that was attached to italy being derailed, and the hope that we have been putting italy back on the rails safely. >> rose: i would think that the most difficult thing for most governments, if you believe there was a need for austerity,
and governance. it's the political system that often has not supplied the needed governance. >> rose: you believe that your proudest accomplishment is that "italy is no longer risking igniting a debt crisis." >> this, obviously, would not have been the case last november when we came in, and i think it's pretty important for italy, of course, but, also, for the whole of the euro zone, the whole of europe, and the global economy that a country which is the third largest...
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the government is caught in a dilemma. the mounting austerity, but it also fears of the humiliation of asking for a bailout. spain may be cutting its spending, but unrest is rising. >> talks between israel and palestine are breing down completely. speaking in your, but he said they are facing a crisis. >> there can be only one view of the israeli government's actions in our homeland, and it -- and of the position it has provided us with regarding the substantive agreement to end the conflict and achieve peace, that one understanding leads to one conclusion, that the reece daily -- the israeli government rejects the to-state solution >> prime minister benjamin netanyahu then to the stand. he wasted no time in condemning saying its speech, was libelous. he then claimed iran will have enough enriched uranium to make a nuclear bomb by next summer. >> at this late hour, there is only one way to peacefully prevent iran from getting a tobben bomb spirited and that is, by placing a clear red line -- getting atomic bombs. and that
the government is caught in a dilemma. the mounting austerity, but it also fears of the humiliation of asking for a bailout. spain may be cutting its spending, but unrest is rising. >> talks between israel and palestine are breing down completely. speaking in your, but he said they are facing a crisis. >> there can be only one view of the israeli government's actions in our homeland, and it -- and of the position it has provided us with regarding the substantive agreement to end the...
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today, the spanish government presented its new budget, which includes $51 billion in spending cuts. the government also plans to borrow nearly $4 billion from the country's pension reserves to cover liabilities. what's clear is the euro-zone's crisis isn't going away soon. >> it's probably going to be another six, 12, 18 months before its finally resolved. and by "resolved," i mean they consolidate into some kind of fiscal coalition, and maybe there's some kind of debt mutualization and what have you. so, we are still quite a ways away from that. >> reporter: at today's event, monti was asked whether he thinks greece will eventually leave the e.u. he said no, but didn't discount the possibility entirely. >> i believe that were it to happen, it would be damage to the whole system. >> reporter: monti said he won't run for re-election, but he didn't completely close the door on another term. he was appointed prime minister by the italian president, and says if the president wants to reappoint him, he would consider serving another term. erika miller, nbr, new york. >> tom: this week, w
today, the spanish government presented its new budget, which includes $51 billion in spending cuts. the government also plans to borrow nearly $4 billion from the country's pension reserves to cover liabilities. what's clear is the euro-zone's crisis isn't going away soon. >> it's probably going to be another six, 12, 18 months before its finally resolved. and by "resolved," i mean they consolidate into some kind of fiscal coalition, and maybe there's some kind of debt...
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and he wants states to take the lead, not the federal government. there are now 47 different federal training programs, and romney calls that duplication a waste. >> all that money, all that overhead-- what i want to do is take those dollars and bundle it up, send it back to nevada and say, "you train your people for the jobs the people of nevada need and want." >> reporter: most of those 47 programs are very small and they're aimed at groups like veterans and the poor. governor romney would replace them with a fixed grant of money to each state. that would give states more flexibility. but that funding would come with some risk. >> in the end, it often becomes an excuse just for cutting resources, and we've already cut resources so dramatically in this area. the cuts are as steep as 90% compared to 30 years ago when these programs peaked. >> reporter: when congress gets back to budget talks next year, there's a good chance job training will be cut even further. but there is bipartisan agreement that the money we do spend on job training should be u
and he wants states to take the lead, not the federal government. there are now 47 different federal training programs, and romney calls that duplication a waste. >> all that money, all that overhead-- what i want to do is take those dollars and bundle it up, send it back to nevada and say, "you train your people for the jobs the people of nevada need and want." >> reporter: most of those 47 programs are very small and they're aimed at groups like veterans and the poor....
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but should the government not meet that commitment, in my mind that would mean the end of this government. >> reporter: the protest was brief. it was all over within a couple of hours but there are many difficult votes ahead here in the greek parliament and no one expects that to have been the end of the trouble. >> ifill: the violence in athens came hours after police and demonstrators fought in the streets of madrid, spain. on tuesday evening, 6,000 people marched on the national parliament building, protesting new austerity measures. some threw rocks and bottles, and police fired rubber bullets. 38 people were arrested. the scenes of unrest roiled european markets, and major indexes there fell one to two percent today. for more on the economics and the politics at play in europe. i'm joined by jacob kirkegaard of the peterson institute of international economics. mr. kirkegaard, it seems to me that we have spent a great deal of time talking about this unrest in europe and there had been a lull. what happened? >> well, i think we need to keep in mind that the violence we saw today-- or
but should the government not meet that commitment, in my mind that would mean the end of this government. >> reporter: the protest was brief. it was all over within a couple of hours but there are many difficult votes ahead here in the greek parliament and no one expects that to have been the end of the trouble. >> ifill: the violence in athens came hours after police and demonstrators fought in the streets of madrid, spain. on tuesday evening, 6,000 people marched on the national...
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part of it is making the government mrs. competent what the they do and part of it is putting pressure on them to take action. but all that said it's very tough. >> brown: just to go back one more time to hillary clinton making the direct link to an al qaeda group and this question of the evolving description of what has happened. is it your sense that she and the administration have been under some pressure to really get in front of this a little bit more? >> well, what's really striking is how members of congress, specifically republicans in both houses, have made an issue of what the administration knew, how it's characterized the attack from the beginning and i think partly because the administration has been very careful, very slow in explaining-- not jumping to conclusion and explaining what they understand happened. others, particularly from the republican party in the middle of a campaign season have sought to criticize the administration, to make political points about perhaps the administration withholding informat
part of it is making the government mrs. competent what the they do and part of it is putting pressure on them to take action. but all that said it's very tough. >> brown: just to go back one more time to hillary clinton making the direct link to an al qaeda group and this question of the evolving description of what has happened. is it your sense that she and the administration have been under some pressure to really get in front of this a little bit more? >> well, what's really...